REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on the Santa Clara Stadium Authority Financial Status Report for Quarter Ending June 30, 2018 and Related Budget Amendments
Report
BACKGROUND
In Fiscal Year 2014/15 the Stadium Authority Board ("Board") requested that staff prepare quarterly Santa Clara Stadium Authority ("Stadium Authority") Financial Status Reports. These reports provide an update on the events held at Levi's Stadium, Stadium Authority finances, and the impact of Stadium Authority activity on the City of Santa Clara's ("City").
This report provides information covering the Stadium Authority's first quarter of the 2018/19 fiscal year, which runs from April 1, 2018 to June 30, 2018. The report provides a summary of non-NFL event activity at Levi's Stadium only, since the NFL season starts during the second quarter, and describes the financial impact of these events on the Stadium Authority and City.
The Adopted Stadium Authority Budget incorporates the estimated revenues and expenses for all Stadium Authority funds. The attached Financial Status Report provides the budget to actual revenue and expense summaries for the operating, debt service, and capital funds. Analysis of the financial activity through the fiscal year measures the adherence to the budget and allows the Stadium Authority to monitor and project revenues and expenses. Any significant variances are explained in the report.
Additionally, staff is recommending amendments to the Fiscal Year 2018/19 Stadium Authority Budget to account for the results of the rent reset arbitration and a Capital Improvement Project (CIP) carryforward.
DISCUSSION
Non-NFL Event Revenue and Expenses
The Stadium Authority held 3 ticketed non-NFL event and 24 special events which are detailed in the report. The non-NFL event ticket sales generated $461,000 in ticket surcharge revenue, half of which funded the discretionary fund. Public safety costs for these events totaled $690,000 all o...
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